PFLD vs. RNP

Last updated Jun 4, 2026

PFLD (AAM Low Duration Preferred and Income Securities ETF 144A) is Preferred Stock/Convertible Bonds fund tracking the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index, while RNP (Cohen & Steers REIT and Preferred Income Fund, Inc.) is a stock. Over the past 5 years, PFLD returned 1.04%/yr vs 3.30%/yr for RNP. At a 0.44 correlation, their price movements are largely independent.

Performance

PFLD vs. RNP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) and Cohen & Steers REIT and Preferred Income Fund, Inc. (RNP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PFLD achieves a 2.69% return, which is significantly lower than RNP's 8.10% return.

PFLD

• 1D: 0.05%
• 1M: 0.74%
• YTD: 2.69%
• 6M: 2.90%
• 1Y: 6.25%
• 3Y*: 4.93%
• 5Y*: 1.04%
• 10Y*: —

RNP

• 1D: 0.05%
• 1M: -0.17%
• YTD: 8.10%
• 6M: 5.24%
• 1Y: 3.05%
• 3Y*: 12.47%
• 5Y*: 3.30%
• 10Y*: 9.10%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PFLD vs. RNP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	2.69%	1.44%	5.48%	8.16%	-12.73%	4.49%	5.34%	1.04%
RNP Cohen & Steers REIT and Preferred Income Fund, Inc.	8.10%	2.57%	11.88%	7.73%	-19.95%	32.84%	3.31%	-0.31%

Correlation

The correlation between PFLD and RNP is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Nov 21, 2019	0.44

Over the past year, the correlation between PFLD and RNP has dropped to 0.22 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

Return for Risk

PFLD vs. RNP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PFLD

PFLD Risk / Return Rank: 60
PFLD Sharpe Ratio Rank: 54
PFLD Sortino Ratio Rank: 65
PFLD Omega Ratio Rank: 57
PFLD Calmar Ratio Rank: 57
PFLD Martin Ratio Rank: 68

RNP

RNP Risk / Return Rank: 44
RNP Sharpe Ratio Rank: 49
RNP Sortino Ratio Rank: 40
RNP Omega Ratio Rank: 38
RNP Calmar Ratio Rank: 46
RNP Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PFLD vs. RNP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) and Cohen & Steers REIT and Preferred Income Fund, Inc. (RNP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	PFLD	RNP	Difference
Sharpe ratio: Return per unit of total volatility	1.85	0.24	+1.61
Sortino ratio: Return per unit of downside risk	3.01	0.42	+2.59
Omega ratio: Gain probability vs. loss probability	1.35	1.05	+0.30
Calmar ratio: Return relative to maximum drawdown	2.81	0.25	+2.56
Martin ratio: Return relative to average drawdown	12.46	0.56	+11.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PFLD vs. RNP - Sharpe Ratio Comparison

The current PFLD Sharpe Ratio is 1.85, which is higher than the RNP Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of PFLD and RNP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PFLD	RNP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	0.24	+1.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.16	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.30	-0.14

Drawdowns

PFLD vs. RNP - Drawdown Comparison

The maximum PFLD drawdown since its inception was -33.20%, smaller than the maximum RNP drawdown of -86.93%. Use the drawdown chart below to compare losses from any high point for PFLD and RNP.

Drawdown Indicators

	PFLD	RNP	Difference
Max Drawdown Largest peak-to-trough decline	-33.20%	-86.93%	+53.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	-12.24%	+10.01%
Max Drawdown (3Y) Largest decline over 3 years	-6.41%	-19.71%	+13.30%
Max Drawdown (5Y) Largest decline over 5 years	-15.51%	-36.19%	+20.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.68%	—
Current Drawdown Current decline from peak	0.00%	-2.97%	+2.97%
Average Drawdown Average peak-to-trough decline	-4.17%	-13.13%	+8.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	5.43%	-4.93%

Volatility

PFLD vs. RNP - Volatility Comparison

The current volatility for AAM Low Duration Preferred and Income Securities ETF 144A (PFLD) is 0.84%, while Cohen & Steers REIT and Preferred Income Fund, Inc. (RNP) has a volatility of 3.63%. This indicates that PFLD experiences smaller price fluctuations and is considered to be less risky than RNP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFLD	RNP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	3.63%	-2.79%
Volatility (6M) Calculated over the trailing 6-month period	2.26%	9.60%	-7.34%
Volatility (1Y) Calculated over the trailing 1-year period	3.39%	12.61%	-9.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.50%	20.82%	-13.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.38%	24.22%	-10.84%

Dividends

PFLD vs. RNP - Dividend Comparison

PFLD's dividend yield for the trailing twelve months is around 5.60%, less than RNP's 7.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PFLD AAM Low Duration Preferred and Income Securities ETF 144A	5.60%	6.52%	7.09%	7.09%	5.76%	4.52%	4.79%	0.82%	0.00%	0.00%	0.00%	0.00%
RNP Cohen & Steers REIT and Preferred Income Fund, Inc.	7.85%	8.22%	7.81%	8.10%	13.26%	5.20%	6.52%	6.25%	8.36%	7.00%	7.75%	8.03%

Frequently Asked Questions

Can I hold both PFLD and RNP in my portfolio?

PFLD and RNP have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFLD or RNP?

RNP has higher volatility (3.63%) compared to PFLD (0.84%). In terms of maximum drawdown, PFLD dropped -33.20% vs RNP's -86.93%.

Which has better risk-adjusted returns?

PFLD currently has the higher Sharpe Ratio (1.85 vs 0.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.